Jane Street barred from Indian markets as regulator freezes $566M

The alternative claim - that large traders do not make decisions based on how their activity will move the market, is of course absurd.

It’s just political. Who is allowed to manipulate and who pays their dues to be able to.

Not really.

In this case it was Millenium ratting out on Jane Street (edit - other way around), but now the entire HFT (Edit: hedge funds. Thanks for the callout avvt4avaw) industry is under extreme scrutiny by SEBI as a result [0]

[0] - https://www.sebi.gov.in/enforcement/orders/jul-2025/interim-...

Yes as presented this behavior is clearly illegal. The next interesting question is if such an obviously illegal strategy was in use by JS, and they also produced the likes of SBF&co, what other related manipulation activity are they partaking in?

This behavior became common in the Indian market after the newer HFTs (Edit: hedge funds. Thanks for the callout avvt4avaw) in the Indian market like Millenium, Jane Street, Citadel, and others setup shop, and explains a LOT of the market weirdness that happened last year. DE Shaw India has been a much smarter player in Indian equities.

Jane Street's kvetching about Millenium showed the spotlight and now everyone will be getting the hammer ("iss hamam mein sabh nange hain"). Jane Street was also dumb enough to do this during the General Election, so now Indian regulators have to do something. This plus the Adani prosecution is a quick win to restore confidence in SEBI.

>This behavior became common in the Indian market after the newer HFTs (Edit: hedge funds. Thanks for the callout avvt4avaw)

You weren't wrong. All market making is now electronic and all electronic market making is done at a speed only available to HFT firms, so the previous comment reply to yours saying that Jane Street is a market maker but not HFT, is more than a little silly. The Citadel being referred to here in this reporting is also the market making (hence HFT) one, so their attempted correction on that made little sense either.

Oh, well, I'm not a domain expert in this space. I'm a VC - my job is to be confidently wrong ;). The closest I've ever been to this industry was bombing an FPGA optimization interview at Citadel eons ago, but I also don't like humidity or snow for 9 months in a year, but I do like Malort and Hyde Park - such is life.

All I know is a set of firms like Millenium, Citadel, Jane Street, etc ki gaand phatne wale hain. You don't pull these kinds of shenanigans during or in the run-up to General Elections, Bihar Assembly Elections, or UP Assembly Elections. People have been screwed over for less.

I don't see how elections are relevant here. And also, in India every year there is some kind of election. If not Bihar, then West Bengal